Last checked at 16 Feb 2024 07:00
16 February 2024
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Production Increase at Stanley
Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen exploration, development, and production company, provides an update on its Stanley project in the US (34.85% to 38.5% WI) where the recent gross production has increased to circa 93 bopd (five-day average flow rate). This is a material improvement from the recently notified December quarter gross average flow rate of 43 bopd.
This has been achieved following a period of production equipment reconfiguring and optimisation, including the installation of surface and downhole equipment to boost production with jet pumps. Whilst this increased production rates, it also introduced an issue of fine sand production. Initially this was managed by screens, but the sand blocked the screens and resulted in periodic shut-downs. The issue has now been resolved by using settling tanks.
The Company will provide details on all the production at all assets as part of its March 2024 quarter update expected to be announced by early May 2024.
Andy Carroll, CEO of Mosman commented: "I am pleased that the continued work on the Stanley project is now achieving stronger production numbers.
"This flow rate is positive for commercialisation of the asset through ongoing cashflow or sale of the asset."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this information is now considered to be in the public domain.
Enquiries:
Mosman Oil & Gas Limited Andy Carroll CEO acarroll@mosmanoilandgas.com | NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
Alma Justine James / Will Merison +44 (0) 20 3405 0205 +44 (0) 7525 324431 mosman@almastrategic.com
| Joint Broker CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is an oil exploration, development, and production company with projects in the US and Australia. Mosman's strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits. The Company has several projects in the US, in addition to exploration projects in the Amadeus Basin in Central Australia.